Smart Mining Market is expected to reach US$ 23,055.4 million by 2028 | The Insight Partners

Increase in surface mining activties to contribute heavily to smart mining market growth

The growth of the surfacre mining is driven by growing demand for both non-metallic and metallic minerals, an abundance of reserves that can be exploited utilizing surface mining, increasing energy consumption, the lesser capital requirement, technological advancements in mining, and growing concerns amid countries about energy security. The additional factors that are propelling the market growth include increasing use of coal, growing electricity consumption across the globe; rising need for minerals and metals; increasing environmental regulations, rapid urbanization, and industrialization; and growing demand for metal such as steel in numerous industries, namely transportation, construction, manufacturing, and various consumer products. However, strict environmental rules and regulations associated with land acquisition and utilization of coal to generate power coupled with the scarcity of skilled labor are various factors that may deter the growth of the surface mining segment over the assessment period.

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Surface mining is the oldest and the most common mineral removal method from the earth. It is predominantly utilized to obtain iron, copper, aluminum, coal, crushed stone, gravel, phosphates, and sand. The surface mining method offers considerably better recovery, safety, flexibility, grade control, and environmental conditions. Surface mining involves open-pit mining, strip mining, and mountaintop removal mining. The smart surface mining helps the user in illustrating the problem related to mining, calculating how individual collisions contributed to the overall damage noticed on the machine.

Top Company Profiles:
ABB Ltd.
Alastri
Caterpillar Inc.
Intellisense.io
Hexagon AB
Hitachi, Ltd.
MineSense
Rockwell Automation, Inc.
SAP SE
Trimble Inc.

Impact of COVID-19 Pandemic on Smart Mining Market:

North America is known to adopt highest number of advanced technologies due to favorable government policies to boost innovation and strengthen infrastructure capabilities. As a result, any factor affecting performance of industries in the region hinders its economic growth. Currently, the US is the world's worst-affected country due to the COVID-19 outbreak, which has led governments to impose several limitations on industrial, commercial, and public activities in the country to control the spread of infection. Despite the suspension of activities in several sectors, shutdown of various manufacturing plants, and people's reluctance about joining the work floors, governments of several Countries in North America have maintained their budget. As a result, the COVID-19 pandemic and its consequences are posing a minimal impact on the smart mining market in North America.

Smart Mining Market Segmentation:

Smart Mining Market - By Component
Hardware:
RFID Tags
Sensors
Intelligent System
Others

Software:
Logistics Software
Data & Operation Management Software
Safety & Security Systems
Connectivity Solutions
Analytics Solutions
Remote Management Solutions
Asset Management Solutions

Service

Smart Mining Market - By Mining Type
Underground Mining
Surface Mining

Product development is the commonly adopted strategy by companies to expand their product portfolio. ABB Ltd.; Alastri; Caterpillar Inc.; Intellisense.io; Hitachi, Ltd.; MineSense; Rockwell Automation, Inc.; SAP SE; Trimble Inc. are among the key players implementing strategies to enlarge the customer base and gain significant share in the global smart mining market, which, in turn, permits them to maintain their brand name. A few of the recent key developments are:

In June 2020, Trimble introduced the Trimble SX12 Scanning Total Station.

In January 2021, ABB delivered trolley assist solution to meet Copper Mountain Mining's sustainable development goals in Canada.

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Based on mining type, the surface mining market dominated the market growth. Driven by the growing demand for both non-metallic and metallic minerals, an abundance of reserves that can be exploited utilizing surface mining, increasing energy consumption, the lesser capital requirement, technological advancements in mining, and growing concerns amid countries about energy security.

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